Jack Dorsey Says ’Bitcoin Will Replace US Dollar’ and ‘You Don’t Own Web3’

Twitter founder and Block CEO Jack Dorsey’s Bitcoin maximalism was on display in reply to a question from Cardi B, while sharing that he’s bearish on Web3

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Jack Dorsey tweeted Monday night that he believes that bitcoin will eventually replace the dollar
  • Dorsey also isn’t bullish on Web3, joining Elon Musk in saying that it’s centralized around VCs

Step aside volcano bonds. Bitcoin isn’t just going to replace sovereign debt offerings, says Block’s CEO Jack Dorsey, but eventually the greenback itself. Also Web3 isn’t all it’s cracked up to be.

Taking to Twitter Monday night, the former CEO of the platform, and founder of payments company Block which rebranded from Square, said in an exchange with Cardi B that bitcoin would eventually replace the US dollar. 

Loading Tweet..

This isn’t the first time that Dorsey has publicly supported crypto — and bitcoin specifically — as he has publicly called bitcoin “King Coin” before while being a public skeptic of Ethereum and its implementation of NFTs.

Loading Tweet..

Dorsey that bitcoin will “unite a deeply divided country (and eventually world).”

In late November, Dorsey announced that he was stepping down as the CEO of Twitter saying that he “believes the company is ready to move on from its founders.”

Shortly after, Square, where he remains CEO, announced that it was changing its name to Block as part of a move to pivot the company to a stronger crypto focus.

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” the company said at the time. (Incidentally, Block Inc. is now being sued for trademark infringement by tax preparation company H&R Block Inc.)

Back on Twitter, Dorsey also cast doubt on Web3, arguing that it is a centralized platform controlled on servers by venture capitalists and their partners — not exactly the ethos of a blockchain-powered decentralized virtual world that many in the crypto space push.

Loading Tweet..

Elon Musk recently tweeted out something with similar sentiment, dismissing web3 as a plaything of tech VCs when he asked “has anyone seen web3?” to which Dorsey responded “it’s somewhere between a and z” referring to the investment firm a16z.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

RTK networks are critical to enabling a world of ubiquitous autonomous drones, vehicles, and industrial robots. We believe the GEOD token enables both a cost and product advantage for the GEODNET RTK network, which will allow it to out-compete multi-billion dollar incumbents Trimble and Hexagon.

article-image

As EIP-4844 “blobs” transform the economics of Ethereum layer-2s, a growing debate pits long-term scalability against immediate ETH value

article-image

Prosecutors argued that FTX co-founder Gary Wang cooperated in their case against former FTX CEO Sam Bankman-Fried

article-image

The two largest crypto exchanges respectively run the second- and sixth-largest Solana validators

article-image

MicroStrategy’s bitcoin buying has exploded — it now holds 1.7% of the asset’s circulating supply

article-image

The MiCA era will reward the prepared and punish the rest

article-image

The market is, presumably, confused about what a Trump win means for the social media company